The contest, which is meant to mark the bicentennial of the Erie Canal's initial construction, comes nearly 10 months after the New York Power Authority took control of the canal system, which had previously been under the Thruway Authority's control in an oft-criticized arrangement.

"We're looking for bold and innovative ideas that ensure the canal system and its surrounding communities can grow and prosper and with this competition, we encourage bright minds from across the globe to contribute their best ideas to help bring this piece of history to new heights," Cuomo said in a statement.

The contest was unveiled Monday at the World Canals Conference, which is being held this week in Syracuse.

The state is soliciting proposals for projects, programs or initiatives meant to tout the canal as a tourism feature, as well as anything that can boost development along the canals and boost their long-term financial viability.

Submissions are due by Dec. 4, after which a round of finalists will get $50,000 toward their project. At that point, the finalists will have to partner with a municipality or a non-profit to further flesh out the project.

At least two final winning projects will get between $250,000 and $1.5 million, depending on how many winners are chosen, according to the state.